The Week On-chain: Is the Ethereum Merge a Sell the News Event? – Week 32, 2022 (BTC + ETH Analysis)

As Bitcoin and Ethereum derivative markets mature, sophisticated trade positions can be established using both options and futures. The Ethereum Merge presents an opportunity to observe market positioning at a large scale.

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Topics for Discussion:
– Establish a Bitcoin baseline for futures pricing.
– Divergence between BTC an ETH Options open interest.
– Identifying heavy ETH call option buying and its impact.
– Compare to spot performance and Futures market pricing.

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0:00 Introduction
2:45 Bitcoin Baseline
3:10 Futures Open Interest
5:02 Futures Volume
6:40 Percent Futures Crypto-Margin
8:42 Term Structure for Bitcoin
9:57 Futures Funding Rates
12:25 ETH vs BTC options Open Interest
13:25 ETH Call Options for the Merge
16:16 Volatility Smile for the Merge
18:10 Volatility Smile after the Merge
19:24 ETH Spot Demand Comparison
21:25 ETH Term Structure Backwardation
22:22 Summary and Conclusion

The Glassnode video report provides a weekly analysis update of the trends, performance, and onchain metrics for Bitcoin and the crypto market.

This report does not provide any investment advice. All data is provided for information purposes only. No investment decision shall be based on the information provided here and you are solely responsible for your own investment decisions.